Tag Reverse Mortgages

Help For Home Buyers

Business Card Joe Adamson

There’s no question that high home prices in Silicon Valley makes it difficult for first-time home buyers to purchase homes.   Difficult…but not necessarily impossible.  Recently (past year), qualification requirements have eased somewhat for many higher balance programs including the minimum … Read the rest

Net Tangible Benefit

Business Card Joe Adamson

Refinancing a mortgage must make sense…and by “make sense” I mean to the lender receiving the application. For refinance transactions, lenders require that the loan provide a documented “Net Tangible Benefit” to the client.

Lowering interest rate and/or payment, or … Read the rest

Regulated Honesty

Business Card Joe Adamson

Business regulations, including extensive ones governing financial services and lending industries, would be unnecessary if all business people operated honestly.

One of the regulations in RESPA (Real Estate Settlement and Procedures Act) addresses “kickbacks”. It’s illegal to pay commissions, referral … Read the rest

Credit Scores – How They Affect Mortgage Loan Cost

Business Card Joe Adamson

Credit, with debt-to-income ratio and equity, is a critical factor in determining mortgage loan approval.  And, for approved applicants, credit score plays a major role in determining loan costs.

For example; let’s assume a mortgage amount of $400,000, 80% of … Read the rest

Loan Qualification – Not a Mystery

Business Card Joe Adamson

Despite numerous regulatory changes, new disclosure requirements, and lending restrictions, the same basic loan qualification factors still apply.  Does a potential borrower earn enough to be able to make payments on all their monthly obligations?  Have they shown consistent willingness … Read the rest

Misconceptions about reverse mortgages

A lot of people who might benefit from a reverse mortgage have misconceptions about them.  Fact: a reverse mortgage is just like any other mortgage in regards to homeowner rights….with one exception.  Unlike a forward mortgage where, after a reasonable … Read the rest